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Modi’s Reform Push

India’s leader takes some risks to clear obstacles to growth.

Updated Jan. 29, 2015 7:15 p.m. ET

In the waning months of 2014, Narendra Modi was the target of much carping by Indian investors and business leaders frustrated by his unfulfilled reform promises. Fast forward to January and the Prime Minister is enjoying a surprising second honeymoon while stocks are on a roll. The reason: Mr. Modi’s newfound willingness to push a reform agenda suggests he will table an ambitious budget at the end of February.

Mr. Modi needs to encourage investment in manufacturing industries if India is to create the 12 million new jobs...

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